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Are we entering a new golden age of economic growth?
Author(s) -
Sentance Andrew
Publication year - 1995
Publication title -
economic outlook
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.1
H-Index - 8
eISSN - 1468-0319
pISSN - 0140-489X
DOI - 10.1111/j.1468-0319.1995.tb00050.x
Subject(s) - inflation (cosmology) , economics , unemployment , dash , medium term , term (time) , golden rule , slow growth , macroeconomics , political science , physics , quantum mechanics , theoretical physics , computer science , law , operating system
Andrew Sentance presents an upbeat assessment of UK medium‐term growth potential. He argues that the economy can sustain a lower average level of unemployment than we have become accustomed to, without inflation. As a result, he argues that the UK economy can grow faster over the next ten years than recent trends or long‐term performance suggest. A return to the growth rates of the “golden era” of the 1950s and 1960s is not out of the question. The key to this scenario is not a dash for growth, but steady management of the economy coupled with measures to raise educational standards, speed the introduction of new technology and improve the functioning of the labour market.